A large number of homeowners have recently fallen into financial difficulty and have lost their homes to foreclosure. To assist neighborhoods that have been impacted by these foreclosures Congress recently passed special legislation that provides grants to purchase foreclosed or abandoned homes in order to stabilize neighborhoods and stem the decline of house values of neighboring homes.The Homeownership Center of Tacoma has received a portion of this limited funding from the City of Tacoma to be used in a special program that allows HCT to acquire homes that are currently owned by lending institutions.
After HCT has acquired the homes and fully completed any repairs that may be necessary to bring the home up to HCT standards, these homes will be sold by HCT to first-time, income qualified buyers with some exciting financial assistance available.
In the past HCT’s assistance was limited to households with incomes below 80% of the Pierce County Mean Income level (“AMI”), however, under HCT’s @HOME Program, households can qualify with incomes up to 120% AMI.
The increased income limit will allow our special financing assistance to be available to households that were previously over the income limits but still needed some help to affordably purchase their first home.
Since the homes to be offered for sale under this program are not new construction built by HCT, the style, location, amenities, and size of the homes available will likely vary from the homes that HCT has traditionally offered and will even vary during the life of the @HOME Program.
This special program is both limited in the amount of funding available as well as the time frame it can be offered. If you have been considering homeownership don’t miss this rare opportunity.
For more information regarding specific @HOME Program details please see: